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Nifty 50 opened gap up and gains more than 100 points till 1 PM. But in the 2nd half it dragged down sharply and breaks day low finally settled up 44 points. The Sensex ended higher by 141.52 points or 0.41 per cent to 34,297.47. Punjab National Bank fell for a second consecutive session after the state-run lender said it had unearthed $1.77 billion in fraudulent transactions, dragging down other state-run lenders.PNB shares ended 12.9 per cent lower, hitting their lowest close since October 23.

10500 is the key support in Nifty and Bank Nifty also closed above trend line support. The market is expected to remains up tomorrow if Nifty 50 holds 10500 and Bank Nifty holds 25300 levels. Liquor stocks may show upside momentum, keep an eye on Mcdowell and Radico. SRE Infra and DHFL also remain up for tomorrow.

Nifty Daily Chart

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Market Highlights

PNB shares crumbled 14% to hit a 52-week low after bank’s management detailed about the ongoing fraud in the state-run lender which is estimated to be Rs 11,400 crore. Billionaire diamond jeweller Nirav Modi’s firms – Diamond R US, Solar Exports, and Stellar Diamonds – have been accused of presenting a set of import documents to the branch, with a request to allow buyers’ credit for paying suppliers situated overseas and apparently conniving with two of the bank employees to access the credit based on the fake LoUs (Letters of Undertakings). Jewelry stocks also crashed in line with PNB. PC Jewelers and Gitanjali gems tumbled more than 10 percent.

India’s annual wholesale price inflation (WPI) eased in January for the second straight month after touching an eight-month high in November, helped by a softer rise in food and fuel prices, government data showed on Thursday.Annual WPI last month slowed to 2.84% from a year earlier, from a provisional 3.58% rise in December. The rise in January compares with a 3.25% increase forecast by economists. Wholesale food prices in January rose 1.65% year-on-year, compared with a 2.91% rise a month earlier, data showed.

Nestle India has surged 5% to Rs 7,645 on the National Stock Exchange (NSE) after the company reported 59.5% year-on-year (YoY) growth in net profit at Rs 3,118 million in December 2017 quarter (Q4CY17). The revenue from operations grew 10% at Rs 25.9 billion over the previous year.Nestle India said total sales and domestic sales for the quarter increased by 10.9% and 10.8%, respectively on a base impacted by withdrawal of high denomination currency notes in circulation.

Uniply Industries hits a record high of Rs 477, up 6% on NSE, extending its past two days 10% surge, after the company reported a 56% year-on-year (YoY) growth in net profit at Rs 80 million in December quarter (Q3FY18).The revenue from operations grew 18% at Rs 1,025 million on YoY basis.The company announced that its board had approved the splitting of each equity share into five.